AfCFTA: Africa's logistics sector set to benefit from free trade agreement
The logistics industry in Africa has struggled to keep up with population growth and changing private sector needs, but new research suggests this is changing. CNBC Africa's Murungi Sarah speaks with CILT President, Mugabo Patrick, about the potential transformative impact of the logistics sector on the continent's economy.
Fri, 14 Apr 2023 07:56:11 GMT
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AI Generated Summary
- Logistics industry in Africa faces challenges in keeping up with population growth and private sector needs
- Alignment of customs procedures and policies critical for driving smoother intra-African trade
- Infrastructure development and technology adoption key to future success of the logistics sector
Africa's logistics sector is on the brink of transformation as the continent gears up to fully embrace the African Continental Free Trade Agreement (AFCFTA). The logistics industry has faced challenges in keeping pace with the continent's population growth and the evolving needs of the private sector. However, a recent interview on CNBC Africa shed light on the potential transformative impact of the logistics sector on Africa's economy. The President of the Chartered Institute of Logistics and Transport (CILT), Mugabo Patrick, shared insights on the key role logistics plays in driving the success of intra-African trade. The interview highlighted the need for improvements in logistics processes and the importance of aligning customs procedures across borders to facilitate smoother movement of goods and people. Patrick emphasized the need for a common understanding among key players in the logistics industry to address long-standing issues and push for policy changes that support the AFCFTA goals. He stressed the significance of infrastructure development and technological advancements in driving the logistics sector forward. The future of the industry lies in upgrading systems, embracing technology, and engaging young professionals to lead the way towards a more efficient and result-oriented logistics landscape. With a collective effort to overcome challenges and seize opportunities, Africa's logistics sector stands poised for a significant transformation under the AFCFTA.
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